"Real GDP reached its low point in the second quarter of 2009 and has been growing
solidly since then, in large part because of the tax cuts and spending increases included in the Act. "
Economist:
U.S. GDP growth ‘mediocre’
The U.S. GDP grew 1.9% in the first quarter of 2011, down from the 3.1% during the fourth quarter of 2010 and considerably lower than the 3.7% growth in the first quarter of 2010.
“That’s pretty mediocre growth, especially coming out of a recession,” Collins said of the GDP number.
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IMF: US GDP Growth Below 3% For Six Years Posted: June 30, 2011 at 9:02 am
It would be hard for the news about the financial status of the US to be worse. The debt cap may not be increased by August 2. Rating agencies have warned of cuts in the grade of US paper. Jobless claims have not improved. Q2 GDP was no better than 2%
The IMF has decided to pile on. It has just released its “Concluding Statement of the 2011 Article IV Mission to The United States of America”, which was finished on June 20.
The agency predicts US GDP growth will be below 3% for six years,
much worse than the long-term predictions of the Administration or the Congressional Budget Office.
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